Texas Real Estate

by W D Young
(Kansas city, Kansas)

I want to sell my home. I had remodeling done in the last two years, and all the work has been paid off except for the cost of the back deck. How can I tie this into the sale without this loan hanging over my head? What is the terminology for this transaction?

W D Young

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Apr 11, 2016

by: Ross

Thanks for your submission.

If I understand correctly, you borrowed to pay for the renovations, and all has been repaid except for the deck loan. If the loan is not registered on title as a lien, you'll not need any additional terminology on the Agreement of Purchase and Sale because the standard clauses in the contract will guarantee clear title to the buyer.

However, if a lien is registered against the title for the deck work, the Agreement must include a clause that requires the seller(s) to discharge any liens and encumbrances registered against the title of the property.

In either case, the debt will be discharged (paid off) from the sale proceeds upon the completion of the Agreement of Purchase and Sale.

I trust this answers your question. Nevertheless, I advise you to seek confirmation from your local lawyer, closing service or Realtor since the laws in your area may be different from mine.

Good luck with your sale.

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